Cheniere’s Terminal Project Ahead of Plan, Algerian Shale Oil Lures Top Companies: Energy Biz Report
Shares of Cheniere Energy (AMEX:LNG) spiked a bit on Tuesday on word that its Sabine Pass export terminal project is moving forward ahead of plan. Further, the firm’s first Sabine Pass liquefier is ahead of plan by 6 months, with the second liquefier tracking ahead by 11 months.
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As Europeans ponder the magnitude of the shale oil boom in the United States, they might think back to the time when European rulers owned most of Africa, as there is more evidence that the Sahara may hold large amounts of such resources. Current environmental regulations and unpromising drilling in Europe have held back expectations there, but Algeria is employing tax breaks to bring exploration, and holding discussions with Exxon Mobil Corporation (NYSE:XOM) regarding shale, according to the Energy and Mines Minister Youcef Yousfi. Already, ENI (NYSE:E), Talisman Energy (NYSE:TLM), and Royal Dutch Shell have reached shale exploration accords with Algeria, and expect tax breaks for gas exploitation and drilling shale to receive parliamentary approval within weeks.
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